High-speed Internet provider NorthPoint Communications Inc. has filed for bankruptcy protection, blaming its financial woes on last year's canceled merger with the nation's largest regional telephone company.
NorthPoint, which filed Chapter 11 protection Tuesday at U.S. Bankruptcy Court in San Francisco, also announced it would cut its full time work force by 19 percent and would sell its assets to a strategic partner.
"By taking this action, we have given NorthPoint the time and resources we need to realistically restructure our business," said Liz Fetter, the company's president and chief executive.
NorthPoint provides Internet access by high-speed digital subscriber line in 109 metropolitan areas nationwide. A spokesman declined to release the number of subscribers but said service would not be affected.<
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